Schneider Electric today announced that it has signed an agreement to acquire Conzerv Systems, a market leader in energy efficiency in India, serving industrial and commercial end-users.
Conzerv had pioneered the design and manufacture of digital energy meters in India since the early nineties.
Today, as the market leader with proven technologies and solutions for energy audits and energy management systems, it generated sales in excess of Rs 10 million and employed 337 people.
Schneider in a release here said with this acquisition it would significantly reinforce its position to capture opportunities in the fast growing energy efficiency field in India. Conzerv products would also further complete Schneider Electric's offering in power monitoring for its international markets.
The financial details of the deal had not been divulged by the company.